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Reply #29: And Yet, Is So Very Liberating [View All]

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NashVegas Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Apr-18-11 01:38 PM
Response to Reply #14
29. And Yet, Is So Very Liberating
More people ought to try it.
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  -Furious Greeks press for country to default on debt, Violence on the streets as backlash grows stockholmer  Apr-18-11 12:47 PM   #0 
  - So if they default, the bond holders on don't get paid  Cali_Democrat   Apr-18-11 12:51 PM   #1 
  - Isn't that what Finnland is saying, too?  aquart   Apr-18-11 01:03 PM   #4 
  - I think you mean Iceland, Finland (along with Sweden, Norway, Denmark) is doing well economically  stockholmer   Apr-18-11 01:22 PM   #16 
     - Iceland. All those blonds look alike to me.  aquart   Apr-18-11 02:52 PM   #49 
        - public debt is debt accumulated directly by a government, private debt is owed by people and firms  stockholmer   Apr-18-11 03:46 PM   #57 
           - Yes. We have been robbed. Yet we hang no one.  aquart   Apr-18-11 11:13 PM   #69 
  - Do you think things would be any better if the government is unable to borrow?  badtoworse   Apr-18-11 01:04 PM   #5 
  - Yes, things would be much better.  girl gone mad   Apr-18-11 01:10 PM   #7 
  - Unless they live within their means, that would not help  badtoworse   Apr-18-11 01:17 PM   #11 
     - Look at Argentina's example.  girl gone mad   Apr-18-11 04:27 PM   #58 
  - Greek 2 year bond yields just hit 20% today  Cali_Democrat   Apr-18-11 01:13 PM   #8 
     - The risk of default is built into the high rates. Who is going to loan money with a high...  yawnmaster   Apr-18-11 01:16 PM   #10 
     - Indeed. The people buying Greek debt knew what they were getting into  Cali_Democrat   Apr-18-11 01:20 PM   #13 
        - Plenty of junk bond investors out there to eat these up  sixmile   Apr-18-11 01:24 PM   #17 
           - "the yields are up because the bond prices are down".  Cali_Democrat   Apr-18-11 01:27 PM   #22 
              - So in other words, it all works perfectly for  truedelphi   Apr-18-11 05:34 PM   #67 
                 - There is nothing more to it than simple math  badtoworse   Apr-18-11 08:38 PM   #68 
     - Living without credit is very difficult for individuals and for governments  badtoworse   Apr-18-11 01:21 PM   #14 
        - And Yet, Is So Very Liberating  NashVegas   Apr-18-11 01:38 PM   #29 
        - The evidence does not support that claim.  girl gone mad   Apr-18-11 05:20 PM   #66 
  - I don't think they are leeches, but they do know the risks. Interest rates are high because of...  yawnmaster   Apr-18-11 01:18 PM   #12 
  - It isn't clear to me how they would manage with no credit.  badtoworse   Apr-18-11 01:24 PM   #18 
  - You do know that bond investors would no longer lend Greece money, don't you?  former9thward   Apr-18-11 01:26 PM   #19 
  - 4 options  Cali_Democrat   Apr-18-11 01:34 PM   #25 
     - They have to spend less money (austerity)  badtoworse   Apr-18-11 01:39 PM   #30 
     - Austerity isn't the only option  Cali_Democrat   Apr-18-11 01:43 PM   #31 
        - I would include raising taxes as part of an austerity package  badtoworse   Apr-18-11 01:46 PM   #34 
        - Actually, there's an old maxim that says you lend money at your  coalition_unwilling   Apr-18-11 05:03 PM   #63 
     - Whether a good choice or not... 5. dump the euro and print your own currency.  yawnmaster   Apr-18-11 02:01 PM   #36 
        - What makes you think any foreign suppliers would accept it as payment?  badtoworse   Apr-18-11 02:20 PM   #38 
           - it would likely have to be converted to euro and I would expect the exchange...  yawnmaster   Apr-18-11 02:33 PM   #40 
              - It would work, provided they used restraint in managing the money supply  badtoworse   Apr-18-11 02:44 PM   #45 
                 - Can austerity be avoided? again this is coming from ignorance of the composition...  yawnmaster   Apr-18-11 02:48 PM   #47 
  - um  datan   Apr-18-11 01:43 PM   #32 
     - Probably because political leaders are economically naive.  girl gone mad   Apr-18-11 04:50 PM   #61 
  - Ruh-roh. Nt  xchrom   Apr-18-11 12:52 PM   #2 
  - Default may be the best long term option  FLPanhandle   Apr-18-11 12:55 PM   #3 
  - The Greeks are wise to default  sixmile   Apr-18-11 01:06 PM   #6 
  - They will have a choice.  former9thward   Apr-18-11 01:27 PM   #21 
  - I disagree  sixmile   Apr-18-11 01:32 PM   #24 
     - LOL. Like they guaranteed payment on these bonds?  badtoworse   Apr-18-11 01:34 PM   #26 
     - I think Greece's problem stem from *never* having a large tax base  muriel_volestrangler   Apr-18-11 02:34 PM   #41 
  - If it's tough to live within their means by borrowing  FLPanhandle   Apr-18-11 01:31 PM   #23 
  - Isn't that what Iceland did? I am assuming their debt is to IMF? That  jwirr   Apr-18-11 01:14 PM   #9 
  - The default has tanked Iceland's economy for the time being, but it was  Lydia Leftcoast   Apr-18-11 01:26 PM   #20 
     - Good. I sounds like the default has given them another chance to  jwirr   Apr-18-11 01:36 PM   #28 
        - They have fewer people than the city of Minneaoplis on an island the size of  Lydia Leftcoast   Apr-18-11 05:19 PM   #65 
  - K&R  leftstreet   Apr-18-11 01:21 PM   #15 
  - And the financiers are coming for us next.  blindpig   Apr-18-11 01:35 PM   #27 
  - What do you mean "coming for us"? When it comes to fiscal policy, ...  badtoworse   Apr-18-11 01:44 PM   #33 
     - So whose side are you on?  blindpig   Apr-18-11 02:00 PM   #35 
        - I'm on the side that wants the country to survive intact  badtoworse   Apr-18-11 02:19 PM   #37 
        - The country? What about the people?  blindpig   Apr-18-11 02:37 PM   #42 
        - Thanks, I'll stick with the way things are laid out now  badtoworse   Apr-18-11 02:41 PM   #44 
           - We work for the future or we stand against it. n/t  blindpig   Apr-18-11 02:50 PM   #48 
              - Are those really the only two choices? on second thought, can there even be two choices??  yawnmaster   Apr-18-11 02:54 PM   #51 
                 - The future is a world without capitalism.  blindpig   Apr-18-11 02:56 PM   #53 
                    - so your real question is, correct me if I'm wrong, please...  yawnmaster   Apr-18-11 03:00 PM   #54 
                       - That's about it.  blindpig   Apr-18-11 04:38 PM   #59 
        - We don't need to borrow and we could pay off our debts tomorrow.  girl gone mad   Apr-18-11 04:53 PM   #62 
        - Hunh? Exactly what promises have we made that we can't afford  coalition_unwilling   Apr-18-11 05:10 PM   #64 
        - hm  datan   Apr-18-11 02:29 PM   #39 
           - Why would I do that?  blindpig   Apr-18-11 02:39 PM   #43 
              - Whatever you are, I'm glad you are not running things  badtoworse   Apr-18-11 02:47 PM   #46 
              - What, you got a problem with sharing?  blindpig   Apr-18-11 02:53 PM   #50 
                 - I share lots of things - both my time and money  badtoworse   Apr-18-11 03:06 PM   #55 
              - Most of the Greek debt is held by the Greek banks. I don't have knowledge beyond that on who...  yawnmaster   Apr-18-11 02:56 PM   #52 
              - right  datan   Apr-18-11 03:29 PM   #56 
                 - Blow off the debt. n/t  blindpig   Apr-18-11 04:40 PM   #60 
  - I remember two articles from the NYT...  BlueCheese   Apr-18-11 11:54 PM   #70 

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